The most competitive balance transfer offers are typically available for new customers, not existing ones. This is because banks want to attract new customers. Introductory offers encourage people to switch.
But some banks also let you transfer a balance to your existing card. Usually, the balance transfer interest rate will be different to the one a new customer would get. The balance you transfer also needs to be from a different bank.
Keep in mind that every bank has a different approach to balance transfers.
Every bank and card company is different, but if your card gives you the option to transfer a balance it should be easy to do via the app or online banking platform.
Here's how it works with the Big Four banks:
For some people, keeping a card they already use may be enough of an incentive to get a balance transfer to it.
Applying for a balance transfer on your current card is often faster. And it doesn't require a whole new application with an enquiry on your credit report.
If you use your current card to earn points, then you may be getting plenty of benefits out of using it on your every day spending.
You won't get the most competitive balance transfer offer with your existing card. Some of the major banks will give you 12-18 months with 0% interest, which is pretty good. But you can get up to 30 months with a better offer.
You also have to pay a balance transfer fee. But that's something you can't avoid with most balance transfer offers, even the best ones.
"If you have a couple of cards and managing 2 debts is annoying, rolling them into one is probably easier than applying for a third, new card and cancelling the original 2. Especially if the balances are fairly small.
Doing a complete balance transfer with a new card from a new provider will get you a better deal, which often helps if you have a large debt and need more time to pay it off with 0% interest. "
According to Money Smart, when you apply for a new credit card or do a balance transfer, it's added to your credit report. If you apply several times in a short period of time, it can harm your credit score.
However, this same reporting mechanism doesn't happen if you're simply transferring debt from one existing credit facility to another. In this scenario, you're simply moving around your existing debt, you're not opening any new accounts or adding to your overall debt.
So when transferring a balance from one existing credit card to another, you shouldn't notice an impact on your credit score.
Find out what balance transfer credit card options you can use to consolidate debts from Zip Money, Zip Pay and other interest-free accounts.
Balance transfers are not allowed between certain credit card brands. Read on for a list of lenders that do and don’t allow a balance transfers between them.
Use this guide to see which providers accept balance transfers from a personal loan to a credit card and discover how you can repay your debt faster with 0% balance transfer offers.
Is it worth paying a debt settlement company to help you deal with credit card debt, or can you do it on your own?
If you're considering a balance transfer, compare which credit cards can accept your debt based on the balance transfer limits.
Get details of what credit cards may be available when you and your partner are looking for a way to balance transfer debt between you.
Learn about the concept of making money from credit cards with stoozing and the downfalls you should look out for.
I want to transfer balances from existing cards to capitalise on best offers
Hi Frank,
Thank you for sending your enquiry today.
You can check the list of balance transfer credit card offers and explore your options.
Please take note of their minimum requirements to have higher chances of approval for the new card. Also, most cards would only allow up to 80% transfer to the approved limit, the balance transferred is not eligible for rewards, and is not possible for the same credit card issuer (for example from Virgin to Citibank, as they are both issued by Citibank PTY LTD).
You can check the T&Cs of these cards on their individual cards page and talk to the card specialist if needed as some rules vary per lender.
Hope this helps.
Cheers,
Jonathan
Hi,
I am existing NAB Credit Card holder.
Can I apply for 0% balance transfer on my existing credit card?
Thanks
Hi KK.
Thank you for your inquiry.
Please read our page about NAB launching balance transfer offer and learn more.
Cheers,
Jason
I am trying to locate the web page for Nab,that leads to the application for Balance transfer for the existing premium card holders.The offer is 0% for 15 months.
I was able to locate the page about 4-5 days ago.But I do not remember the web link on it. If a call Nab it takes over 30 minutes before you can get someone on the other side.
Hi Gery,
Thanks for your question.
You may consider applying for the NAB Low Fee Platinum Card. I think this may be the offer you’re looking for.
Cheers,
Shirley
That looks like a page that you can apply for if your not a customer or you want to apply for a new card. What about a link to transfer a debt for a credit card to an existing credit card NAB credit card?
Hi Azz,
Thanks for your inquiry.
It is helpful to know that you cannot do a balance transfer between credit cards under the same bank, but you also can’t transfer debts with different credit card companies that have financial ties to one another.
You will find a guide on which financial institutions you can and can’t transfer your balance between.I suggest you to read the balance transfer terms and conditions to ensure your eligibility before you apply.
I hope this helps.
Cheers,
Debbie
Why can I not get credit approval with a bank that I have been with for years but pre approved with other banks.?. Do I have to change banks because the bank I’m with don’t look after me.?.
So much for looking after loyal customers,
Hi Shane,
Thanks for your question.
The decision is completely up to you. If you feel as though you’re getting a better deal or service from another bank, there is no harm in switching.
All the best,
Shirley